Plastic Waste Management Market Growth Trajectory Through 2024-2033

The Plastic Waste Management by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Plastic Waste Management, The plastic waste management market size has grown steadily in recent years. It will grow from $37.36 billion in 2023 to $39.22 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to strong economic growth in emerging markets, corporate initiatives for plastic waste, technological advancements and an increased use of plastics across various industrial sectors.

The plastic waste management market size is expected to see strong growth in the next few years. It will grow to $48.21 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to strong economic growth in emerging markets, corporate initiatives for plastic waste, technological advancements and an increased use of plastics across various industrial sectors. Major trends in the forecast period include developing new technological solutions, focusing on zero waste packaging platforms, leveraging artificial intelligence for efficient management of recycling, focusing on upcycle process technologies and adopting eco-friendly viable technologies.

The increase in awareness about plastic management is expected to a significant factor driving the growth of the plastic waste management industry. The awareness about plastic management induces various end-users to use recycled plastic which will boost the growth of the plastic waste management industry. Due to the rising awareness about plastic management, several companies have taken significant steps toward reusable plastics. For instance, in February 2022, Coca-Cola, a US-based beverage company, declared an industry-leading objective to increase its use of reusable packaging significantly. Additionally, by 2030, the company hopes to have a minimum of 25% of all beverages sold in refillable plastic bottles or containers. This increasing awareness of plastic management will invariably result in proper plastic waste management. Therefore, awareness about plastic management is expected to propel the growth of the plastic waste management industry.

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The plastic waste management market covered in this report is segmented –

1) By Services: Collection, Recycling, Incineration, Landfills
2) By Source: Residential, Commercial And Institutional, Industrial
3) By Plastic Type: Polyethylene Terephthalate (PET or PETE), High-Density Polyethylene (HDPE), Polyvinyl Chloride (PVC or Vinyl), Low-Density Polyethylene (LDPE), Polypropylene (PP), Polystyrene (PS or Styrofoam), Other Plastic Types
4) By End User: Packaging, Textiles, Consumer Products, Transportation, Building And Construction, Electrical And Electronics, Other End Users

Technological advancement is the key trend in the plastic waste management market. The key players operating in the plastic waste management sector are bringing technological advancements to strengthen their position in the market. These companies are implementing advanced technologies like machine learning, artificial intelligence (AI), satellite mapping, block-chain, nanotechnology, genetic modification of chemicals, and others to curb plastic waste and its management by lowering environmental harm. For instance, In January 2021, Unilever partnered with the Alibaba Group and introduced China’s first large-scale closed-loop plastic recycling system powered by AI. The machines used for sorting and storing are fitted with AI technology that automatically recognizes various types of plastic bottles. Later these bottles are returned to recycling centers and reused rather than degraded.

The plastic waste management market report table of contents includes:

1. Executive Summary
2.Plastic Waste Management Market Characteristics
3. Plastic Waste Management Market Trends And Strategies
4.Plastic Waste Management market analysis
5.Plastic Waste Management Market Size And Growth
6.Plastic Waste Management Segmentation
7. Plastic Waste Management Regional And Country Analysis
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27.Plastic Waste Management Competitive Landscape And Company Profiles
28. Plastic Waste Management Key Mergers And Acquisitions
29.Plastic Waste Management Future Outlook and Potential Analysis